Dubai Holding REIT raises AED 2.1 bn. PLUS: Bns worth of localization agreements at Make It in the Emirates

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: India restricts gold and silver imports from the UAE + Make It in the Emirates wraps today

Good morning, wonderful people. It’s nearly the end of a long and busy week as this year’s Make It in the Emirates brings bns of AED worth of manufacturing and localization agreements. We have the rundown of the highlights from day three in the news well, below, along with the latest on Dubai Holding’s residential REIT IPO, which raised AED 2.1 bn, new industrial zones in Kezad and Rakez, and the lowdown on Dubai’s Virtual Assets Regulatory Authority’s new (stricter) rules for crypto firms.

⛅WEATHER– It’s another scorching hot day, with Dubai seeing highs of 41°C, cooling to 30°C over night, while Abu Dhabi is set to hit 35°C with a nighttime low of 29°C.

WATCH THIS SPACE-

#1- Another hurdle for gold exports to India: India is enforcing stricter oversight over imports of raw, semi-finished, and powered gold and silver from the UAE, Times of India reports. Only vetted agencies, approved jewellers, and holders of official tariff quotas will be allowed to bring in shipments.

Why now? The move comes after importers allegedly mislabeled 99% pure gold as platinum alloy to benefit from lower customs duties. In response, Indian authorities introduced a harmonized system code for high-purity platinum to close the loophole.

ICYMI- Last July, the Indian government slashed import duties on gold and silver from 15% to 6%, below the tax agreed between the UAE and India under their economic partnership agreement, making it less appealing to importers. The country has also terminated its no-duty imports of platinum from the UAE. In August, India formally requested a CEPA review meeting with the UAE, citing growing concerns over rules of origin, concessional tariff abuse, and insufficient value addition in UAE exports of gold or silver.

#2- Mubadala Energy is willing to supply all its natural gas from its South Andaman block to Indonesia if given an attractive price, Reuters reports, citing Mubadala Energy Indonesia president director Abdulla Bu Ali’s comments to reporters. The country is trying to meet growing domestic demand, but most LNG producers have prioritized exports due to restrictive local price caps.

Mubadala is still considering exports as well, but more competitive gas prices would make domestic supply more enticing, Bu Ali added. Indonesia currently caps its domestic gas prices for some industries and power plants at USD 6.5-7 per mn British thermal units (mmBtu), which is low relative to Asia’s spot LNG prices of USD 11.75 per mmBtu last week.

ICYMI- Mubadala is already supplying a portion of its resources to Indonesia: Mubadala signed an initial agreement earlier this week to provide 200 mn standard cubic feet per day (mcf/d) of gas to Indonesian state fertilizer producer Pupuk Indonesia from its Tangkulo-1 well. The company wrapped up its drilling campaign in South Andaman in September and is also developing the Central Andaman oil and gas block with the UK’s Harbour Energy after signing a development contract with Indonesia’s government.

#3- Investment firm Actis is in talks to invest in data centers in Saudi Arabia and the UAE, Actis’ Head of the Middle East and Africa division Sherif Elkholy told Ashraq Business (watch, runtime: 7:19). “The UAE and Saudi Arabia markets are very attractive for us and present several opportunities that we are currently assessing,” Elkholy said.

The firm is eyeing investments across various sectors in the GCC, including renewables, with its existing portfolio in the region valued at around USD 500 mn. ElKholy added that Actis is pursuing an expansionary strategy in Africa and the Middle East, with plans to scale up its presence in key markets.

REMEMBER- Actis is reportedly considering investing hundreds of mns of USD in growth capital behind its stakes in the UAE companies, including Yellow Door Energy and Emirates District Cooling (Emicool). The firm acquired controlling stakes in both companies back in 2022.

DATA POINT-

The UAE’s e-commerce market hit USD 8.8 bn in 2024 and is projected to exceed USD 13.8 bn by 2029, according to EZDubai and Euromonitor International’s latest E-Commerce in the MENA Region 2024 report (pdf). Growth is being driven by a tech-savvy population, expanding digital infrastructure, and rising digital wallet adoption. Buy now, pay later services are also gaining traction.

Top sellers: Top-selling categories in 2024 included apparel and footwear (USD 2.6 bn), consumer electronics (USD 2.1 bn), and home care (USD 1.1 bn), with no-charge deliveries and returns cited as major purchasing drivers.

The MENA e-commerce market grew 13% y-o-y to USD 34.5 bn in 2024, and is forecast to reach USD 57.8 bn by 2029, led by strong demand in the UAE, Saudi Arabia, Oman and Algeria.

HAPPENING TODAY-

#1- The Make it in the Emirates Forum is on its final day at the Adnec Center in Abu Dhabi. The three-day forum, which is organized by the Industry and Advanced Technology Ministry, brings together local and international decision-makers, government officials, private companies, investors, and financing institutions to support industrial growth and investment.

#2- Seamless Middle East is on its third and final day at the Dubai World Trade Center. The event, targeting payment providers, merchants, and SMEs and focusing on the future of digital commerce, payments, and e-commerce, will feature discussions on fintech, digital transactions, and the evolution of the digital economy.

#3-Crypto Expo Dubai is on its second and final day at the Dubai World Trade Center. The event will discuss topics including cryptocurrency regulations, blockchain advancements, digital assets, decentralized finance, and investment strategies.

THE BIG STORY ABROAD-

Another dramatic White House meeting unfolded yesterday, as President Trump dimmed the lights in the Oval Office to watch a video of what he claimed was evidence of genocide and “horrible death” of white farmers in South Africa.

His guest — South Africa’s Cyril Ramaphosa — rejected the claims made in the video and a stack of papers Trump shuffled through, albeit in a calm, less confrontational manner than the full-display tussle with Ukraine’s Zelenskyy last February. Ramaphosa tried to get the conversation back on track to focus on trade relations with the US.

SPEAKING OF THE US- The Trump administration formally accepted Qatar’s USD 400 mn Being 747 jet, gifted to be used as the President’s Air Force One. He will not be using it any time soon, though — experts put the cost of installing the necessary systems at over USD 1 bn, with the process taking years.

“I am sorry I don’t have a plane to give you,” Ramaphosa said when Trump was asked about the jet by reporters during the meeting.

CLOSER TO HOME- Pressure on Israel is mounting after the military fired shots at a delegation of Arab and European diplomats near the Jenin refugee camp in the West Bank, triggering wide international backlash. Meanwhile, Israeli PM Netanyahu said Israel “probably” killed Hamas’ de factor leader Mohammed Sinwar, and vowed to establish complete control over Gaza.

OVER IN TECH- OpenAI will fully acquire AI startup IO — founded a year ago by ex-Apple executive John Ivy — for USD 6.5 bn, its largest transaction to date. Ivy and his team will join OpenAI to work on “a new family of products” designed to bring artificial general intelligence into physical, everyday-use gadgets.

ALSO- US export controls on semiconductors “backfired,” Nvidia CEO Jensen Huang said yesterday, adding they encouraged China’s companies to accelerate development. More on this in today’s Planet Finance, below.

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq.

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA climate and logistics industries?

***

Dubai Holding raises AED 2.1 bn from residential REIT IPO

Dubai Residential REIT raised AED 2.1 bn (USD 584 mn) from its IPO, after pricing its IPO at the top of the range at AED 1.10 per unit following huge demand from investors, according to a statement (pdf). This gives the REIT a market cap of AED 14.3 bn (USD 3.9 bn) ahead of its upcoming debut on the Dubai Financial Market (DFM).

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

The IPO was over 26x oversubscribed, with total demand from both retail and institutional investors crossing AED 56 bn (USD 15 bn), prompting the fund manager to upsize the offering to 15%, up from 12.5% of the REIT’s total unit capital.

What’s next? The REIT will begin trading on the DFM on 28 May. The selling shareholder will be subject to a 180-day lock-up period from the first day of trading.

ADVISORS- Emirates NBD Capital, Morgan Stanley and Citigroup are quarterbacking the transaction as joint global coordinators, with Abu Dhabi Commercial Bank, Arqaam Capital and First Abu Dhabi Bank acting as joint bookrunners on the transaction. Deloitte & Touche is auditor, while Ibrahim & Partners is legal counsel. Receiving agents include Emirates NBD Bank, Mashreq Bank, First Abu Dhabi Bank, and Emirates Islamic Bank, among others

ALSO IN THE UAE PIPELINE:

Dubai Holding is said to be mulling a second IPO for a portfolio of commercial real estate assets, including malls, hotels, and theme parks.
ADQ-backed Etihad Airways is also planning to hit the ADX;
Family-owned property developer Arabian Construction Company (ACC) reportedly enlisted HSBC and First Abu Dhabi Bank to advise on its upcoming IPO due in 2H;
Dubizzle and Property Finder are gauging investor appetite ahead of potential listings;
Abu Dhabi conglomerate International Holding Company’s investment arm 2PointZero is gearing up for an IPO on the ADX;
Abu Dhabi Investment Group (ADIG) is eyeing listings for its financial unit and energy subsidiary this year;
Hospitality group Five Holdings also tapped advisors for a potential listing;
Amanat Holdings is planning to list its education and healthcare units;
PIF-backed California firm CloudKitchens is reportedly eyeing an IPO in Saudi and/or the UAE for its Middle East unit, while Dubai-based grocery ecommerce platform Kibsons International plans to IPO in the next few years;
Shisha producer Advanced Inhalation Ritual is also rumored to potentially IPO.

Make it in the Emirates: day three brings defense, maritime, and tech partnerships

It’s the third day of Make It in the Emirates, and we have bns of AED in new agreements from the likes of Adnoc, Tawazun Council, NMDC Energy, and the International Holding Company.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

OIL AND GAS-

Adnoc inks AED 6 bn local manufacturing agreements: Abu Dhabi National Oil Company (Adnoc) has signed AED 6 bn in framework agreements with 12 UAE-based manufacturers to locally produce pressure vessels and cables, state news agency Wam reports. The agreements fall under the UAE’s in-country value (ICV) program and are expected to create up to 1.3k skilled private-sector jobs.

Who’s involved? The nine companies set to manufacture ten types of pressure vessels are Abu Dhabi Oilfield Services Engineering Industries, Euro Mechanical, Arabian Industries, Berg Industries, equipment manufacturer MetalFab Middle East, Micoda Process Systems International Company, pressure vessel manufacturer Nash Engineering, Polar Specialized Industries, and United Metal Works. Three cable manufacturers — Dubai Cable (Ducab), Mark Cables, and National Cables Industry — will produce four types of cables.

…and where? Production will span industrial zones in Abu Dhabi, Dubai, Sharjah, and Umm Al Quwain, including ICAD, Kezad, Dubai Industrial Park, and Jafza.

REMEMBER- Adnoc plans to procure AED 90 bn worth of locally manufactured products by 2030, as part of a broader push to inject AED 200 bn into the national economy over the next five years. Its ICV program — which incentivizes supply chain localization and foreign investment — has already contributed AED 242 bn to the UAE economy since 2018 and supported the hiring of 17k Emiratis in the private sector.

#2- NMDC Energy signs pipeline MoUs with Al Gharbia, Jiangsu Juxin: NMDC Energy signed an MoU with Abu Dhabi-based pipe company Al Gharbia to expand pipeline manufacturing in the UAE, aiming to meet growing local and regional demand, according to an ADX disclosure (pdf). Meanwhile, its parent company NMDC Group inked a separate MoU with China’s Jiangsu Juxin Petroleum Steel Pipe to explore establishing fabrication facilities in the UAE for pipes used in the dredging sector, according to another bourse filing (pdf).

DEFENSE-

Tawazun and Thales to localize surveillance radar production: Tawazun Council and Thales have signed an agreement to manufacture ground master air surveillance radars in the UAE, according to a press release. Ground master surveillance radars are typically used to monitor activity around critical infrastructure areas like airports, oil refiners, and military bases.

The timeline and details: The radar production facility, which will assemble, test, and qualify radars, is set to begin operations by 2027. The partnership includes plans to qualify UAE suppliers to strengthen the national industrial base.

ALSO- The two companies agreed to support 20 local suppliers through a AED 600 mn package, with a focus on suppliers working in printed circuit board assembly, electromechanical systems, pre-assembled cabling, and precision machining, according to a separate statement.

#2- Edge subsidiary taps South African firm for specialized vehicle production: Edge Group advanced equipment supplier subsidiary Trust inked an MoU with South Africa-based secure vehicle producer ADG Mobility to cooperate in the development of specialized protected vehicles in the UAE, according to a press release. Under the MoU, the pair will establish a framework to design, develop, and manufacture specialized ground systems equipment.

CONSTRUCTION-

#1- NMDC Energy and China’s Hilong sign MoU to explore UAE and Saudi ventures: NMDC’s engineering, procurement, and construction unit NDMC Energy inked an MoU with Chinese R&D-focused manufacturing firm Shanghai Hilong Shine New Materials (Hilong) to explore joint ventures in the UAE and Saudi Arabia, with a focus on industrial coatings and anti-corrosion materials, according to a press release (pdf). Hilong focuses on oil country tubular goods, pipeline coating technologies, and concrete weight coating. No financial terms or timelines have been disclosed yet.

#2- EEF partners with UCS on zero-waste construction system: Dubai Investments subsidiary Emirates Extrusion Factory (EEF) has signed an MoU with UCS Green Solutions Building and Construction Materials Trading to manufacture a green curtain wall system, which is designed to eliminate material waste during construction, according to a press release (pdf). EEF will serve as the exclusive manufacturer of the system, developed by UCS.

LOGISTICS-

Liwa Shipbuilding to deliver six landing craft for KFS: Abu Dhabi-based Liwa Shipbuildin g has signed a AED 120 mn agreement with local ship operator Khaled Faraj Shipping (KFS) to build six large landing craft, Al Bayan reports. The vessels will support KFS’ regional and international logistics expansion, adding to its fleet of over 90 vessels.

EVs-

E Daddy partners with Robust on EV battery production: Electric mobility firm E Daddy has partnered with battery manufacturer Robust to produce battery packs for its E Daddy X7 electric delivery bike, according to a statement.

AI-

#1- G42 and WWT roll out AI accelerator Forge42: State-owned AI firm G42 and US-based World Wide Technology (WWT) have formed Forge42, a joint venture focusing on AI solutions for manufacturing, energy, logistics, healthcare, and finance, according to a press release. The firm will offer infrastructure for prototyping, testing, manufacturing, and deploying AI technologies, with plans to collaborate with Nvidia, AMD, Dell, and Microsoft to provide sovereign access to advanced computing resources, secure data systems, and modular testing infrastructure.

This is the latest development in a busy week for G42, which has just announced a new partnership to develop an AI stack with Paris-based Mistral AI, signed an agreement with Italy’s iGenus to develop a supercomputer in Italy, and is set to build a 5 GW US-UAE data center in Abu Dhabi with US partners. The latter project, announced during US President Donald Trump’s recent visit, may receive a portion of the 500k Nvidia chips allocated annually to the Emirates under a US export agreement.

#2- IHC launches UAE-built global AI marketplace: International Holding Company (IHC) launched a new AI marketplace designed to give developers direct, on-demand access to GPUs, large language models, and AI infrastructure, according to an ADX disclosure (pdf). The platform aims to lower entry barriers for AI development, with an “AI marketplace agent” supporting over 5k languages and is accessible via text, voice, or video. More details on the platform’s capabilities and international partnerships are expected in the coming weeks, the statement read.

#3- Adio and e& enterprises partner up on Industry 4.0 initiative: e& enterprise will provide Abu Dhabi manufacturers with access to proof-of-concept technologies, workshops, and training programs on industrial sustainability, AI ethics, and data management to help boost sustainable manufacturing in the UAE, according to a press release. Companies will receive access to materiality assessments, AI maturity evaluations, a discounted digital platform for sustainability reporting, and discounted in-depth AI assessments. A digital platform will ease sustainability reporting.

New industrial zones in Kezad and Rakez

NWTN to build AI-powered industrial park in Kezad: UAE-based mobility firm NWTN will break ground on an industrial park in Abu Dhabi’s Khalifa Economic Zones Abu Dhabi (Kezad) in 2H 2025, according to a press release. The project marks the company’s move beyond EV manufacturing toward a broader intelligent mobility and AI hardware production footprint.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

The 130k sqm facility will be split across two zones: a Global Logistic Park in the freezone will include vehicle and parts warehouses, re-export operations, and light processing units, while an AI Smart Manufacturing Park in the mainland zone will feature a semi-knocked-down EV assembly plant, smart hardware production lines, and scalable infrastructure for future full-vehicle manufacturing.

The bigger picture: The project is part of NWTN’s wider push to localize manufacturing, build out autonomous and AI-enabled systems, and develop blockchain-based product platforms. It also plans to use Kezad’s logistics infrastructure to support faster distribution across the GCC, Mena, and Southern Europe.

More to come? NWTN is currently seeking partnerships with regional tech firms, investors, and distributors to support the buildout, the statement reads.

ALSO- Rakez to build a new Industrial City: The Ras Al Khaimah Economic Zones Authority (Rakez) inked a AED 1.1 bn agreement with THI Investments to develop an industrial park for advanced technology firms within the zone, according to a press release. The new park — spanning some 130k sqm — is forecasted to generate some 2.5k jobs.

ALSO- Rakez will get a new AED 30 mn luxury vehicle facility: The zone also signed an agreement with Faraday Future Middle East to develop a AED 30 mn luxury vehicle assembly factory in the zone. The facility will span some 10k sqm and create 200 jobs.

Dubai’s Vara sets stricter standards for the emirate’s crypto sector

Dubai’s Vara issues updated crypto rulebooks: Dubai’s Virtual Assets Regulatory Authority (Vara) has released the second edition of its rulebook governing virtual asset (VA) activities, aiming to tighten oversight and harmonize compliance standards across the emirate’s digital asset ecosystem, according to a press release. We break down the key regulatory changes, along with the expected market impact, below.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Tighter rules and unified standards: The updated framework introduces stricter controls on margin trading, token distribution, and collateral wallet arrangements. It also standardizes compliance requirements across advisory, custody, exchange, lending, borrowing, and investment services — a shift designed to “promote greater market discipline, risk transparency, and operational resilience” across the VA ecosystem, Mazen Boustany, partner at Baker McKenzie in the UAE, told EnterpriseAM UAE.

Licenses for margin trading + custody services: Virtual asset service providers (VASPs) may now offer margin trading services only with explicit authorization from Vara, and that approval must be clearly stated in their license. Firms must also ensure they maintain sufficient assets to fully cover client obligations at all times. PLUS: Vara will also only allow custody services to offer collateral wallet services with its explicit approval.

Stricter oversight over non-Vara licensed players: Non-Vara license crypto players cannot distribute stablecoins or “asset-referenced tokens” — which are pegged to real-world assets — and can only distribute other tokens — like non-transferable or redeemable closed-loop tokens — through a Vara-licensed distributor like a broker-dealer.

Transition period: All VASPs operating in Dubai must bring their operations in line with the updated rulebooks by 19 June. Vara has set a 30-day transition period and will provide entity-specific guidance to support licensed firms during implementation, it said in its statement.

The market impact? Bigger compliance burdens, but stronger investor confidence: While the updated rulebooks will likely raise the compliance burden on regulated entities, Boustany says the long-term benefits are clear — enhancing the credibility of both Vara as a regulator and the VASPs it licenses. “This will assuage investors and make them confident in dealing with Vara regulated VASPs […] at a time when VAs are making big forays as an asset class, [especially] after the relaxing of US regulations in relation to crypto-assets under the Trump administration,” he added.

REMEMBER- Vara’s updated rulebooks come amid a broader infrastructure push to formalize crypto adoption in the UAE. Dubai Finance recently signed an MoU with Crypto.com to enable stablecoin payments for government services, while the company is also piloting crypto payments at Emarat fuel stations — a first for the MENA region. At the federal level, the Central Bank of the UAE recently greenlit AE Coin, the UAE’s first AED-pegged stablecoin. Other issuers — including Phoenix Group, Tether, and First Abu Dhabi Bank, ADQ, and International Holding Company — are also exploring AED-backed stablecoins backed by UAE-based reserves pending final regulatory clearance.

ADGM’s Financial Services Regulatory Authority also issued a new regulatory framework for stablecoins in December, setting out detailed requirements for issuance, reserves, redemption rights, and disclosures.

Tarjama& secures USD 15 mn in Series A round to expand Arabic.AI

Tarjama& raises USD 15 mn to scale Arabic.AI: UAE-based AI language and translation solutions firm Tarjama& has secured USD 15 mn in a Series A round to support the rollout of its Arabic.AI agentic suite, according to a press release (pdf). MENA venture capital giant Global Ventures led the round, with participation from Wamda Capital, TA Ventures, Phaze Capital, Golden Gate Ventures, and Endeavor Catalyst.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Where is the money going? The funding will be used to expand Tarjama&’s proprietary Arabic-first AI platform Arabic.AI, which includes Pronoia V2, a large language model (LLM) purpose-built for Arabic and MENA-specific enterprise-use. The capital will also go toward doubling its research and engineering teams, expanding its sovereign infrastructure, and launching an AI academy to train enterprise and government leaders in agentic AI technologies.

About Tarjama&: Founded in 2009 by Nour Al Hassan (LinkedIn), Tarjama has scaled profitably across more than 30 markets, processed over 2 bn words in more than 50 languages and 22 Arabic dialects, and built deep data and tech moats, including proprietary datasets critical to LLM training. We interviewed Nour for our My Morning Routine column last year, where she talked to us about her goals for Arabic-focused language services and the startup’s LLM plans.

IN OTHER STARTUP NEWS-

SC Ventures and DIFC Innovation Hub launch National Venture Studio: SC Ventures, the ventures and fintech investment arm of Standard Chartered, has partnered with the DIFC Innovation Hub to establish the National Venture Studio, a platform aimed at supporting venture creation across the region, according to a press release. SC Ventures will bring its venture building as a service model to the table, with target clients including individuals, corporates, and public sector bodies seeking tech-enabled solutions to local and global issues.

Etihad Airways’ 1Q 2025 bottom line jumps in 1Q 2025 + ICD records strong 2024

Etihad Airways reported a 30% y-o-y increase in net income to AED 685 mn in 1Q 2025, according to an earnings release. Total revenues rose 15% y-o-y to AED 6.6 bn, driven by strong performance across both passenger and cargo operations.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Passenger revenue climbed 16% y-o-y to AED 5.5 bn, supported by increased capacity, network expansion, and higher flight frequencies. The airline carried 5 mn passengers during the quarter, up 16% from the same period last year. Cargo revenues also rose 8% y-o-y to AED 958 mn, despite a 4% decline in volumes, as improved yields helped offset the drop.

On the operations side, Etihad ended the quarter with 98 aircraft in service, including the return of its sixth A380 and the delivery of a new A350-1000. Passenger load factor improved by one percentage point to 87%. The firm just recently said it will invest USD 14.5 bn to acquire 28 Boeing 787 and 777X aircraft during US President Donald Trump’s visit to Abu Dhabi, as it looks to meet its target of a 170-aircraft fleet by 2030.

What’s next? Etihad is set to launch 16 new routes in 2025 and will roll out upgraded First Class services starting August, part of broader efforts to expand its premium offering and support network growth. The firm has also been gearing up for an IPO.

MORE EARNINGS FROM ICD-

Investment Corporation of Dubai’s (ICD) net income rose 11.1% y-o-y to AED 67.5 bn in 2024, according to its financial statements (pdf). The fund’s revenues increased by 12.7% y-o-y to AED 349.6 bn during the same period, while its total assets climbed 11% y-o-y to AED 1.5 tn.

The breakdown: Banking and financial services accounted for 70% of assets and generated 27% of revenue, while transportation accounted for 17% of assets but contributed 45% of revenue. Oil and gas represented 3% of assets and brought in 19% of revenue, while other segments held 10% of assets and contributed 9% of revenue, according to ICD’s financial highlights and analysis.

What’s next? ICD is preparing to launch an IPO of construction giant Alec Engineering & Contracting that could raise up to USD 500 mn. Alec tapped Emirates NBD Capital and JPMorgan Chase to work on the offering and Moelis is advising ICD.

Standard Chartered names EMEA market head in UAE expansion

Standard Chartered has appointed Yahya Ismail (LinkedIn) as market head for Europe, the Middle East, and Africa within its Global Private Bank, as part of an expansion of its private banking team in the UAE, Reuters reports, citing a statement. Ismail was previously a managing director at Julius Baer for nine years, and also worked at ABN AMRO and Mashreq.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

The move comes as global wealth managers ramp up regional hiring, with JPMorgan planning to add over 100 staff members across its Middle East operations, after establishing a private banking team in Dubai last September.

Falcon Arabic puts UAE AI back in the headlines

The UAE’s AI ambitions are back in the international spotlight, with the launch of a new Arabic-language model and ongoing infrastructure investments drawing attention from Bloomberg and Reuters. They both spotlight Abu Dhabi’s Technology Innovation Institute (TII) release of Falcon Arabic, a large language model trained on native datasets spanning Modern Standard Arabic and regional dialects. The rollout also included Falcon H1, a smaller model TII says outperforms comparable systems from Meta and Alibaba.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

TII is hoping the new models will help reclaim momentum after the Falcon series — once top-ranked on Hugging Face — dropped out of the platform’s top 500.

Deutsche Bank + Bitcoin Suisse receive ADGM permits

FINANCIAL SERVICES-

#1- ADGM grants Bitcoin Suisse preliminary approval for Middle East expansion: Swiss digital asset firm Bitcoin Suisse has secured preliminary approval from the ADGM Financial Services Regulatory Authority for its Middle East subsidiary BTCS (Middle East), marking its expansion into the region, according to a press release. The approval allows the subsidiary to pursue a full license to offer virtual asset trading, crypto securities, derivatives, and custody services in ADGM. The firm will work with ADGM to obtain full licensing.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Who’s Bitcoin Suisse? The company holds over USD 6 bn in digital assets under custody and more than USD USD 2.6 bn in institutional staking services. It is one of the world’s largest providers of digital asset custody and institutional staking solutions.

#2- Deutsche Bank gets greenlight from FRSA: Deutsche Bank has secured financial service permission from ADGM’s Financial Services Regulatory Authority, allowing it to conduct regulated activities including arranging credit and investment transactions, as well as advising on investment or credit, the bank announced in a press release.

PAYMENTS-

Al Ansari Exchange, UnionPay launch instant remittance to China: Al Ansari Exchange agreed to launch UnionPay International’s MoneyExpress service in the UAE, Al Ansari said in a press release. The real-time remittance service will enable instant transfers from the UAE to China. The service credits UnionPay cards in RMB without intermediary or bank fees.

AI-

UAE Media Council taps Presight to launch AI media content review platform: The UAE Media Council inked an agreement with G42-backed Presight to develop a unified media AI and analytics platform, according to a press release (pdf). The platform will analyze and validate media content — including books, films, and artworks — before publication to ensure compliance with UAE laws and standards. The system aggregates data from multiple media licensing agencies into a centralized platform.

This follows another media move from Presight, after the UAE National Media Office awarded it a contract this week to build an AI-powered platform to centralize and analyze media data. The project will deploy AI tools to assess public sentiment, identify emerging narratives, and propose messaging frameworks.

MANUFACTURING-

ESG expands to Saudi Arabia: Emirates Stallions Group (ESG), a subsidiary of International Holding Company, has acquired a 16-year usufruct agreement for 13k sqm of warehouse space in Saudi Arabia through its subsidiary Vision Furniture & Decoration Factory, according to a press release (pdf).

The details: The agreement, signed with the Saudi Authority for Industrial Cities and Technology Zones, covers two facilities covering 6k and 7.4k sqm. The warehouses are set to be operational by 3Q 2025 and will be used to produce and store furniture, and comes as the firm looks to meet growing demand in Saudi Arabia, the statement read.

REAL ESTATE-

Meraas awards AED 690 mn contract to Bhatia: Dubai real estate developer Meraas, part of Dubai Holding Real Estate, has awarded Bhatia General Contracting a AED 690 mn contract for phase four of the Nad Al Sheba Gardens development, according to a press release. The latest phase of the development is slated for handover in 1Q 2027, and the contract’s scope includes the building of 188 units, including 96 villas, 92 townhouses, and two pool houses, as well as other amenities.

Nvidia CEO says export controls failed and fueled China’s rise

US chip export controls helped, instead of hindering, China’s growing chip dominance, says Nvidia CEO Jensen Huang. The head of one of the world’s most valuable companies doubled down on criticism of US chip export restrictions, calling the policy a “failure” that has cost American firms bns of USD and accelerated China’s domestic chipmaking efforts during a speech at Computex 2025 in Taipei (watch, runtime: 1:42:51). Huang argued that the curbs undermined US competitiveness, adding that if the US doesn’t sell, “the competition will come.”

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Nvidia itself has had the hard end of much of the restrictions, having taken a USD 5.5 bn hit after the Trump administration expanded controls to cover its H20 chip — a downgraded model initially designed to comply with earlier rules, according to the Financial Times.

“Fundamentally flawed” assumptions drove the policy, according to Huang, who said said the now-scrapped “AI diffusion rule” — which imposed a three-tier licensing system blocking China from accessing US-made chips — ultimately cost US companies bns of USD in lost sales, including for Nvidia and AMD, and turbocharged China’s domestic chipmaking push.

Chinese manufacturers filled the vacuum as Nvidia’s share of the Chinese AI chip market dropped from 95% to 50% since 2022, according to Huang. He pointed to Huawei as one of its several fast-moving rivals, adding, “local companies are very determined, and export controls gave them the spirit, and government support accelerated their development.”

So, what’s next? The Trump administration is reportedly working on a new global licensing system based on government-to-government agreements, replacing the Biden-era AI diffusion rule — a move that has drawn support from Huang.

MARKETS THIS MORNING-

Asian markets are in the red in early trading this morning. Japan’s Nikkei is down 0.8%, Korea’s Kospi is looking at losses of 1.3%, the Hang Seng is also in the red, down 0.5%, while the Shanghai Composite is flat.

ADX	9,666	-0.4% (YTD: +2.6%)
DFM	5,438	-0.5% (YTD: +5.4%)
Nasdaq Dubai UAE20	4,502	-0.6% (YTD: +8.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.1% 1 yr
TASI	11,304	-1.2% (YTD: -6.2%)
EGX30	31,837	+0.7% (YTD: +7.0%)
S&P 500	5,845	-1.6% (YTD: -0.6%)
FTSE 100	8,786	+0.1% (YTD: +7.5%)
Euro Stoxx 50	5,454	0.0% (YTD: +11.5%)
Brent crude	USD 64.63	-1.2%
Natural gas (Nymex)	USD 3.37	-1.7%
Gold	USD 3,342	+0.9%
BTC	USD 108,273	+1.6% (YTD: +15.6%)
Chimera JP Morgan UAE Bond UCITS ETF	USD 3.60	0.0% (YTD: +1%)
S&P MENA Bond & Sukuk	143.3	+0.2% (YTD: +2.4%)
VIX (Volatility Index)	20.87	+15.4% (YTD: +20.3%)

THE CLOSING BELL-

The DFM fell 0.5% yesterday on turnover of AED 588.4 mn. The index is up 5.4% YTD.

In the green: Dubai Refreshment Company (+14.7%), Dubai Ins. Co (+12.0%) and Emaar Development (+1.5%).

In the red: Dubai National Ins. and Reins. (-8.7%), Agility The Public Warehousing Company (-5.1%) and Takaful Emarat (-3.0%).

Over on the ADX, the index fell 0.4% on turnover of AED 1.5 bn. Meanwhile, Nasdaq Dubai was down 0.6%.

UAE, Bahrain talk transport, logistics cooperation

UAE, Bahrain look to implement transport MoU: Energy and Infrastructure Minister Suhail Al Mazrouei met Bahrain’s Transport and Telecommunications Minister Abdulla bin Ahmed Al Khalifa to discuss accelerating transport and logistics cooperation between the two nations, state news agency Wam reports. The talks focused on implementing their transport MoU through technical knowledge sharing, legislative cooperation, workforce development, and collaboration in projects in sustainable mobility, autonomous driving, and digital transformation.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Ports, logistics + infrastructure in focus: The two leaders also explored joint infrastructure projects, including improving port competitiveness and aligning maritime capabilities with global trends.

CALENDAR

MAY

19-22 May (Monday-Thursday): Make it in the Emirates, Adnec, Abu Dhabi.

20-22 May (Tuesday-Thursday): Seamless Middle East, Dubai World Trade Center.

21-22 May (Wednesday-Tuesday): The Crypto Expo Dubai, the Dubai World Trade Center.

21-23 May (Wednesday-Friday): Dubai participates at GITEX EUROPE x Ai Everything 2025, Messe Berlin, Germany.

23-25 May (Friday-Sunday): EuroLeague Final Four, Etihad Arena, Abu Dhabi.

23 April (Wednesday): The HIMSS Executive Summit 2025, Jumeirah Emirates Towers.

26 May (Monday): The SAMENA Council Leaders’ Summit, Madinat Jumeirah, Dubai.

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Center, Dubai.

28 May (Wednesday): The Dubai Residential REIT will ring the bell.

27-29 May (Tuesday-Thursday): INDEX, Workspace, and The Hotel Show, Dubai World Trade Center.

28-31 May: The Emirates Agriculture Conference and Exhibition, Adnec Center Al Ain, Abu Dhabi.

30 May (Friday): Arafat Day.

31 May-2 June (Saturday-Monday): Eid Al Adha.

JUNE

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

17-18 June (Tuesday-Wednesday): Abu Dhabi Infrastructure Summit, Abu Dhabi Energy Centre.

24-25 June (Tuesday-Wednesday): Middle East Rail, Dubai World Trade Center.

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG’s acquisition of Covestro

JULY

6-7 July (Sunday-Monday): BRICS Summit, Rio de Janeiro.

29-30 July (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

SEPTEMBER

1-6 September (Monday-Saturday): Dubai Fashion Week, Dubai Design District.

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

8-19 September (Monday-Wednesday): WHX-Tech Expo, Dubai World Trade Centre.

12-14 September (Friday-Sunday): The International Real Estate and Investment Show, Abu Dhabi.

16-17 September (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

24-25 September (Wednesday-Thursday): Dubai World Congress for Self-Driving Transport, Dubai.

OCTOBER

1-2 October (Thursday-Friday):World Green Economy Summit (WGES), Dubai World Trade Centre.

30 September – 2 October (Tuesday-Thursday): The Water, Energy, Technology, and Environment Exhibition (WETEX), Dubai World Trade Centre.

3-16 October (Friday-Thursday): Dubai Home Festival.

7-9 October (Tuesday-Thursday): The International Symposium on the System of Radiological Protection, the Ritz-Carlton Abu Dhabi, Grand Canal.

9-15 October (Thursday-Wednesday): IUCN World Conservation Congress, Abu Dhabi.

14-16 October (Wednesday-Friday): Global Future Councils, Dubai.

27-29 October (Monday-Wednesday): Future Hospitality Summit, Madinat Jumeirah, Dubai.

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Center.

28-29 October (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

NOVEMBER

12-17 November (Wednesday-Monday): RoboCup Asia-Pacific, Khalifa University, Abu Dhabi.

15-17 November (Saturday-Monday): Myplant & Garden Middle East Green Expo, Dubai Exhibition Centre, Expo City.

17-21 November (Monday-Friday): Dubai Airshow 2025, Al Maktoum International Airport, Dubai.

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

DECEMBER

1-3 December (Monday-Wednesday): Eid Al Etihad (UAE National Day).

1-5 December (Monday-Friday): The World Congress of Neurosurgery, Dubai World Trade Center.

8-9 December (Monday-Tuesday): BTC Mena Conference, Adnec, Abu Dhabi.

8-10 December (Monday-Wednesday): BRIDGE media summit, Abu Dhabi.

9-10 December (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.
Universal Postal Congress 2025, Dubai.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.
ICOM General Conference 2025, Dubai

Signposted to happen sometime in 2026:

9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE.
28-29 January (Wednesday-Thursday): IBA Arbitration Day Conference, Abu Dhabi.
3-5 February (Tuesday-Thursday): The World Governments Summit.
12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.
11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.
The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE
The first edition of Dubai Future Finance Week.

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

Signposted to happen sometime in 2027:

Abu Dhabi’s solar and battery energy facility, combining 5.2 GW of solar capacity and 19 GWh of battery storage, is set for commissioning.

Signposted to happen sometime between 2027 and 2029:

The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

Sections

About

Privacy & Support

Get EnterpriseAM daily